{"id":2175,"date":"2009-05-28T18:43:12","date_gmt":"2009-05-28T23:43:12","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2175"},"modified":"2009-05-28T18:43:12","modified_gmt":"2009-05-28T23:43:12","slug":"fundamental-outlook-at-1400-gmt-edt-0400-40","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/28\/fundamental-outlook-at-1400-gmt-edt-0400-40\/","title":{"rendered":"Fundamental Outlook at 1400 GMT (EDT + 0400)"},"content":{"rendered":"

By GCI Fx Research<\/span><\/p>\n

\u20ac<\/strong><\/p>\n

The euro strengthened vis-\u00e0-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3980 level and was supported around the US$ 1.3790 level.\u00a0 The common currency recovered from intraday losses that were prompted by a decent U.S. durable goods report that saw April headlne durable goods orders up 1.9%.\u00a0 Other data saw the Chicago Midwest manufacturing index decline 1.1% in April while April new home sales increased marginally, up 0.3% in April to an annualized 352,000 level.\u00a0 On a yearly basis, new home sales were down 34.0% y\/y.\u00a0 The uptick in nonthly housing sales activity represented the second time in three months the housing market improved and could signal a reversal in the fate of the beleaguered housing industry.\u00a0 Additionally, weekly initial jobless claims fell to 623,000 while continuing jobless claims continued to move higher.\u00a0 In eurozone news, European Central Bank member Constancio said policymakers have not made any decision about additional interest rate cuts.\u00a0 Data released in the eurozone today EMU-16 May economic confidence improve to 69.3 while German April plant, machinery orders were off a real 58% y\/y.\u00a0 Moreover, German May unemployment ticked lower to 8.2% from 8.3% and the April ILO unemployment rate increased to 7.7%.\u00a0 Finally, the EMU-16 April leading indicator was up +1.8%.\u00a0 Euro bids are cited around the US$ 1.3435 level.<\/p>\n

\u00a5\/ CNY<\/strong><\/p>\n

The yen depreciated vis-\u00e0-vis the U.S. dollar today as the greenback tested offers around the \u00a597.25 level and was supported around the \u00a595.20 level.\u00a0 Today\u2019s intraday high represented the pair\u2019s strongest showing since 12 May.\u00a0 Traders are citing real-world money flows as one reason why the yen has been declining as Japanese investors are said to be getting long foreign bonds.\u00a0 Data released in Japan overnight saw April retail sales decline for the eighth consecutive month, off 2.9% y\/y, while overall retail sales were off a revised 3.9% in March following February\u2019s 5.7% pullback.\u00a0 The Nikkei 225 yesterday stock index gained 0.13% to close at \u00a59,451.39.\u00a0 U.S. dollar offers are cited around the \u00a5104.15 level.\u00a0 The euro moved higher vis-\u00e0-vis the yen as the single currency tested offers around the \u00a5135.25 level and was supported around the \u00a5131.70 level.\u00a0 The British pound moved higher vis-\u00e0-vis the yen as sterling tested offers around the \u00a5154.90 level while the Swiss franc moved higher vis-\u00e0-vis the yen and tested offers around the \u00a589.45 level. In Chinese news, U.S. Treasury Secretary Geithner will visit China this weekend and will meet with top Chinese officials early next week.\u00a0 Treasury officials said the Obama administration is \u201cattuned to the interests of our investors and plan to listen closely to what they have to say.\u201d The Chinese government has recently been critical of the effects of U.S. policy and how they impact the value of China\u2019s massive foreign reserves, about 70% of which are said to be denominated in U.S. dollars.\u00a0 The Treasury also said the \u201cU.S. dollar will continue to play a very important role for a very long time.\u201d<\/p>\n

\u20a4<\/strong><\/p>\n

The British pound came off vis-\u00e0-vis the U.S. dollar today as cable tested bids around the US$ 1.5850 level and was capped around the $1.6015 level.\u00a0 Data released in the U.K. today saw April CBI retail sales fall with the retail sales balance lower at -17 in May from +3 in April.\u00a0 Bank of England Deputy Governor Bean said the central bank is trying to improve access to financing for small to medium-sized businesses.\u00a0 Cable bids are cited around the US$ 1.5535 level.\u00a0 The euro appreciated vis-\u00e0-vis the British pound as the single currency tested offers around the \u20a40.8765 level and was supported around the \u20a40.8655 level.<\/p>\n

Daily Market Commentary<\/strong><\/em> provided by\u00a0GCI Financial Ltd<\/strong><\/a>.<\/strong><\/p>\n

GCI Financial Ltd (\u201dGCI\u201d) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (\u201dForex\u201d) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (\u201dCFDs\u201d) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.<\/p>\n

DISCLAIMER: GCI\u2019s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n","protected":false},"excerpt":{"rendered":"

By GCI Financial – The euro strengthened vis-\u00e0-vis the U.S. dollar today as the single currency tested offers…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2175","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=2175"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2175\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}